Range Expansion Index (REI) Indicator
Info
The Range Expansion Index (REI) Indicator is a Indicator for MetaTrader 5 that the range expansion index (rei) is an oscillator designed to measure the rate of price change and identify overbought/oversold conditions, indicating price weakness or strength. It was developed by Thomas Demark.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Range Expansion Index (REI) Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The Range Expansion Index (REI) is an oscillator designed to measure the rate of price change and identify overbought/oversold conditions, indicating price weakness or strength.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator for MetaTrader 5 - another powerful indicator for MetaTrader 5 traders.
The Range Expansion Index (REI) is an oscillator designed to measure the rate of price change and identify overbought/oversold conditions, indicating price weakness or strength. It was developed by Thomas Demark.Also recommended: Premium Discount Range Mapper for MT5 - similar indicator with strong performance on MetaTrader 5.
The indicator's values fluctuate between -100 and +100. The REI functions as an enhanced oscillator, remaining neutral during flat market conditions and only signaling trends when significant price tops or bottoms are approached.
Input Parameters:
rei_period (default value = 8) - This parameter sets the indicator's period. Increasing this value reduces the number of signals but enhances their accuracy. Conversely, decreasing the value increases the number of signals but reduces their accuracy.
Thomas Demark recommends using the default period of 8. A sell signal is generated when the price crosses above 60 and subsequently turns down to cross below 60. A buy signal occurs when the price falls below -60 and then turns up to cross above -60.
You may also like: Daily Range Tracker - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.0"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_plots 1.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.